Abstract: A method of creating and managing a capital asset transaction utilizing a field programmable transaction system, using a network based system including a server system coupled to a centralized database and at least one client system, is disclosed. The method comprises identifying business objectives, defining a type of the capital asset involved in the capital asset transaction, creating a business entity and related sub-entities, defining business rules and logic specific to the business entity and the associated sub-entities to govern the transaction, and managing the transaction dynamically on an on-going basis to close the transaction successfully.